Samsung Fire & Marine Insurance has agreed to take control of Canopius Group in a deal that would double its stake in the specialty insurer and reinsurer, which has a Class 4 reinsurance operation in Bermuda.

The South Korean insurer will acquire a further 40.6 per cent of Canopius, taking its ownership to 80.6 per cent. Funds managed by private equity firm KKR will hold 12.1 per cent and Korea Investment Corporation, South Korea’s sovereign wealth fund, will hold 7.3 per cent. In a statement, Canopius said the final stakes could change slightly at closing.

The three investors are buying the 60 per cent of Canopius that Samsung Fire & Marine does not already own. The sellers include Fidentia Fortuna Holdings, the controlling consortium led by private investment firm Centerbridge Partners. Canopius did not disclose the price.

Samsung Fire & Marine first invested in Canopius in 2019 and raised its stake to 40 per cent in 2025. It said the deal would help it build its specialty insurance business across Lloyd’s, the United States and Asia-Pacific.

Munhwa “Marvin” Lee, chief executive and president of Samsung Fire & Marine, said: “Building on seven years of trust between Canopius and SFMI, we will combine our strengths to solidify our position in the Lloyd’s market and pursue further global expansion, including in the US.”

Mr Lee said Samsung Fire & Marine would preserve Canopius’s expertise and autonomy.

Neil Robertson, group chief executive of Canopius, said: “What this brings Canopius is permanent capital and an owner with a long-term view; we will retain the same appetite, the same discipline and the same people alongside our clients and brokers.”

Canopius underwrites through Lloyd’s Syndicate 4444, US surplus lines insurer Canopius US Insurance and Bermuda-based Canopius Reinsurance Ltd. The group also has offices in Australia, Singapore and Britain.

KKR said it would draw on its experience in insurance and reinsurance, as well as its operational and mergers and acquisitions expertise, to support Canopius’s growth. Korea Investment Corporation said it invested as part of an initiative to help South Korean companies expand overseas.

Ben Langworthy and Matthew Kabaker, senior managing directors at Centerbridge, said Canopius had expanded its international presence and strengthened its market position during the firm’s investment.

The transaction is subject to regulatory approvals and other customary closing conditions.